WASHOE COUNTY NEWS RELEASE
Standard and Poor’s and Moody’s Investors Service, the country’s premier bond rating firms, have affirmed Washoe County’s outstanding general obligation rating of AA and Aa2, respectively.
Washoe County has maintained an AA rating since 2009. County Manager, Katy Simon says it’s a reflection of the Board of County Commissioners’ dedication to long-term fiscal responsibility. “The affirmation of our outstanding bond rating is really a tremendous honor and recognition of the Board’s commitment–and the entire organization’s discipline–to insure financial sustainability in these difficult times,” said Simon.
In making their announcements, Moody’s cites sound fiscal management demonstrated by proactive budget balancing and low debt levels as strengths supporting their decision, while Standard and Poor’s cites strong reserves and manageable debt levels as rationale for their affirmation of the County’s rating.
The favorable ratings translate to a cost savings to the citizens of Washoe County. By affirming the ratings on outstanding general obligation debt, Washoe County will be able to refinance existing debt at lower interest rates, which will result in savings to the taxpayers. The refinancing of bonds authorized by the Board of County Commissioners on July 24, 2012, is expected to produce net present value savings in excess of $2.5 million.
“This is good news for the County and our citizens during these challenging times,” says Washoe County Finance Director Sheri Mendez.